Cred, MobiKwik Become First Fintechs to Offer RBI's CBDC (E-Rupee) Wallets
Sponsored by Yes Bank, the E-Rupee wallets support UPI P2P/P2M payments with a Rs 50,000 daily and Rs 10,000 per-transaction limit. Cred plans programmable merchant payments and PIN-less transactions under Rs 500—expanding digital rails available to retail merchants.
What happened
Cred and MobiKwik become first fintechs to offer RBI CBDC (E-Rupee) wallets, sponsored by Yes Bank, supporting UPI P2P/P2M payments. Cred plans programmable
Key facts
- Rs 50,000 daily limit
- Rs 10,000 per transaction
- Rs 500 PIN-less threshold
Why this matters
Yes Bank's sponsorship model shows the bank-fintech partnership template for CBDC distribution—worth scouting similar sponsor-issuer alliances before the wallet space crowds.
What to watch
- Monthly e-Rupee transaction volume vs UPI baseline in RBI bulletins
- Number of merchants onboarded for programmable/PIN-less payments
- RBI announcement of interoperability between CBDC wallets and UPI QR
- Limit revisions on daily/per-transaction caps
- Entry of a top-3 UPI player into CBDC wallets
- Any incentive/cashback program tied to e-Rupee usage
- Other large fintechs (PhonePe, Paytm, Google Pay) seek CBDC wallet approvals to avoid rail disadvantage
- Cred bundles e-Rupee with credit/rewards to manufacture a value-add CBDC lacks natively
- Yes Bank and other sponsor banks expand fintech onboarding as RBI widens pilot cohort
- Merchant acquirers test programmable payment APIs for B2B and subsidy disbursement
- RBI raises transaction/daily limits if pilot data shows controlled adoption